Singapore is recognized as the #1 country in the world in terms of ease of doing business, so starting a business here is not so difficult: minimum size authorized capital in Singapore it is symbolic and equals ~ 1 SGD (less than $ 1), the minimum number of shareholders is one, licenses are not required for most types of business, . Under the Legal Persons Act, any person (Singapore resident or foreigner) over the age of 18 can register a company in Singapore and be 100% owner of the company, and company registration takes 1-2 days.
COMPANY REGISTRATION PROCEDURE AND TERMS
The ideal choice for foreigners wishing to open a company in Singapore is the Private Limited Company form, specifically (Exempt private company with limited liability). This form is the most common legal form in Singapore and is suitable for most types of activities. Exempt Private Limited Company allows a foreigner to be a 100% shareholder and owner of his company, and the liability of the founders is limited by the size of the authorized capital.
Exempt Private Limited Company- suitable for companies with no more than 20 shareholders, provided that none of them is a legal entity. A company with this legal form is exempt from filing audited financial statements if the company's turnover is less than SGD 10 million for the tax year. This is great choice for new startups, because allows you to minimize the cost of doing business and at the same time enjoy numerous tax benefits.
REGISTRATION IS REQUIRED:
- choose a company name (it must be empty)
- determine the business activity of the company (no more than two)
- passport data of directors and shareholders
- local director (resident of Singapore)
- local secretary (Singapore resident)
- company registered office in Singapore
The company registration procedure is fully automated. If additional permits are not required, all documents are available, the entire registration process can be completed within 2-3 days.The company can be, either with your personal presence in Singapore.
Opening a bank account will take 1-3 weeks, depending on. Opening a bank account will require your mandatory personal presence in Singapore. If you wish, you can combine company registration and bank account opening. In this case, you will need to fly to Singapore for 2-3 days.
Foreignersdo not have the right to independently register companies in Singapore and are required to use the services certified registrars. If you want to open a business in Singapore, we will help you complete the registration procedure as quickly and pleasantly as possible. In the Russia-Singapore Business Union, you will receive full support at every stage of the process of creating and running a business.
Looking at the impressive scenery and appreciating the stable infrastructure of Singapore, it is hard to imagine that only fifty years ago it was a quiet port town.
The government of the city-state focuses on economic reforms, strengthening the education system and infrastructure in general. That is why Singapore has become one of the world's busiest and fastest growing economic centers, and doing business in Singapore is an attractive prospect for many entrepreneurs.
Environment conducive to doing business in Singapore
Indisputably territorial restrictions and scarcity natural resources mean that Singapore's native industries have long been associated with agriculture, farming and fishing, but these industries could not enrich the city-state. Realizing this, the government has taken all sorts of initiatives to encourage doing business in Singapore in general and attracting foreign investment in particular. This direction remains relevant to this day. Accordingly, doing business in Singapore will certainly be beneficial for local and foreign entrepreneurs, investors and international collaborations. Provide this multiple government programs.
As it becomes clear from the above table, depending on the type of company and the industry in which it is engaged, doing business in Singapore can be supported by one or more government programs. Particularly in the city-state special meaning given to new and emerging industries, as well as efforts to develop new innovative methods. In this way, the government ensures that Singapore remains an advanced and progressive power, able to compete with the world's leading financial centers.
Also, the Singaporean government, in cooperation with commercial banks, has developed a startup financing program. Through the so-called Micro Loan Program (“MLP”) commercial banks offer loans up to $100,000 to local SMEs at a rate of just 5.5%. Unlike traditional loans, the eligibility criteria for MLP are not as strict as the program is aimed at young companies that are just starting to do business in Singapore.
High living standards
And although Singapore is considered one of the most expensive cities in Asia, it is also one of the top ten destinations for expats (according to the annual Mercer Quality of Life Survey). This compares favorably with other Asian cities, where crime and corruption flourishes, and the political situation is extremely unstable.
Doing business in Singapore is also beneficial because the quality of wireless communication on the island is incredibly high, since the modest natural terrain does not prevent rapid urbanization and the development of wireless networks.
The key aspects that make doing business in Singapore so attractive to foreigners are the high level of security and a first-class education system. Singapore has repeatedly proved that the quality of education is not inferior to the leading world powers and ranks third in the world in this indicator.
Many expats believe that moving to Singapore will be beneficial not only for themselves, but also for their families and children.
Attractive tax regime in Singapore
In addition to a high standard of living for both the local population and foreigners, doing business in Singapore also implies an incredibly attractive tax regime. who are tax residents of the city-state, the rates are relatively low (from 3.5 to 22%), and people who are not tax residents pay taxes at a rate of 15% or at the rate for residents, if it is in their case will be higher.
The table is based on materials from the site www.iras.gov.sg.
Understanding Singapore's corporate tax system is relatively easy. The city-state has a territorial tax system, the taxable income of the company is calculated based on the net income earned in the course of maintaining professional activity within one fiscal year. Even if you do not take into account all sorts of tax incentives, the rate on income legal entity in Singapore is 17% - this is one of the lowest rates in the world.
Registration of a company in Singapore is fully computerized, as a result of which this process becomes fast and efficient without any bureaucratic red tape. Under normal circumstances, a company can be registered within 1-2 days.
There are two different stage in the procedure for registering a company in Singapore:
- choice of company name and its approval;
- Company registration.
Both steps can be completed on the same day, as long as there are no unforeseen delays.
Step 1: Name Reservation
To register a company in Singapore, the name chosen for the company must be approved. Approve and approve the name of the company by submitting an application to the Company Registrar. If you use the services of IMPEX CONSULT, which helps to register companies in Singapore, then our employees will do it instead of you.
Name approval/rejection notice arrives in less than an hour if your proposed name does not have certain specific words (e.g. bank, finance, law, media, etc.) that may need to be reviewed and approved by the relevant external government body. If these words are mentioned in the title, then it may take several days or even weeks to approve it.
To improve your chances of getting your business name approved quickly, make sure the name is:
- does not match or is not too similar to the names of existing local companies;
- does not violate any trademarks;
- is not obscene or vulgar;
- not reserved yet.
The approved name will be reserved for 60 days from the date of application. You can extend your name reservation for an additional 60 days by requesting an extension before the deadline.
Step 2: Registering a company in Singapore
Once the name has been approved, a request for incorporation has been submitted, approval from the Registrar of Companies can be obtained within a few hours if all documents have been prepared in advance and signed by the directors and shareholders of the new company.
There are cases where the registration procedure can be delayed if the shareholders or directors are of a certain nationality, although this happens only in rare cases. In such cases, the authorities may ask for additional information.
Post-registration formalities
Documentation:
Registration Certificate
The registrar company will send you legal notice by e-mail, confirming the registration of the company in Singapore. The email notification includes the company registration number and is the official certificate of incorporation in Singapore.
The certificate of registration is no longer issued in paper form, as it is not required in Singapore. However, if you really prefer a hard copy, you can make an online request after registering a company in Singapore. For approximately S$50 you can get paper version certificate the next day at the registrar's office.
Business Questionnaire (Bizfile) of the company
A business profile containing information about the company can be obtained from the Registration Society by making a request on the site and paying a small fee. Typically, the document (PDF) is available for download one hour after request and contains the following key details:
- company name and registration number;
- previous names for the company, if any;
- date of registration;
- main activities;
- paid-in capital;
- registration address;
- information about shareholders;
- information about directors;
- details of the company secretary.
These two documents (i.e. e-mail notification of incorporation and company business profile) are sufficient for all legal and contractual purposes, including opening corporate bank accounts, signing an office lease agreement, a telephone/internet service agreement, etc. .
Among other points that you should pay attention to when registering a company in Singapore, we highlighted the presence of the following elements:
- share certificates for each of the shareholders;
- the share of each of the shareholders, indicating the number of shares;
- company seal for the company;
- company stamp;
- opening a corporate bank account.
Additional business licenses
Depending on the business activities of your company, you may also need to obtain a license after registering a company in Singapore. Fortunately, very few activities require such a license. Examples of activities requiring a license for entrepreneurial activity: restaurants, educational establishments, travel agencies, financial services, etc. For more information, please contact IMPEX CONSULT specialists.
VAT on goods and services
If the company's projected annual income exceeds SGD 1 million, your company must register for VAT. If your company is VAT registered, you will need to withhold this tax (currently 7%) on goods and services and in turn remit this amount to the tax authorities. VAT registration is not mandatory if your annual turnover does not exceed SGD 1 million.
Annual reporting
Since you have registered your company in Singapore, you need to familiarize yourself with the requirements for annual reports and formalities. Detailed information you can get from IMPEX CONSULT specialists.
Registration of a company in Singapore is already a fairly well-established and fast process, it is unlikely that you will encounter great difficulties.
This article is a continuation of the article “Registration of a company in Singapore. Training ". In it, we will describe the stages of opening a company directly.
Stage one. Choosing a business structure for registering a legal entity. faces in Singapore
It is necessary to choose the most appropriate structure for the future business. To do this, you need to decide on:
- how many company owners will be in Singapore,
- what records and accounts you will keep,
- compare tax rates
- to figure out financial obligations every form of business
- determine how to raise funds
- clarify how management will be carried out, who will make decisions and how,
- learn about the company liquidation process.
All business structures must be registered with ACRA. Let's bring comparative characteristic forms of enterprises in Singapore.
Company structure | Peculiarities | Legal status and responsibility | taxes | Additional Information |
Individual entrepreneur | Only 1 owner. | This is the shape The owner is personally responsible for all risks, debts and losses. | Profit is taxed at the personal income tax rate. | Most simple form enterprises with minimum requirements. |
partnership | Owned by 2-20 individuals or companies. | Not a legal entity. Each partner is personally responsible for all risks, debts and losses. You may also be liable for losses incurred by other partners. | The profit is part of the personal income of each partner and is taxed at the personal income tax rate. | Quick and easy to set up and manage. A partnership agreement is drawn up, which defines the roles, functions and share of each partner. Partnerships automatically end when the partner leaves the partnership or dies. The remaining partners will have to form a new partnership. |
Limited Liability Partnership (LLP) | Minimum 2 partners. There are no restrictions on the number of partners. | This is a legal entity. Be sure to appoint a local manager. Personal cash partners are protected and the owners are not personally responsible for misconduct other owners. Any changes in the LLP do not affect the existence of rights or obligations. | The income of a partner (individual) from the LLP will be taxed at the personal income tax rate. The company's profits from the LLP will be taxed at the corporate tax rate. | There is no need to conduct an audit or submit annual reports to ACRA, but you need to make an annual statement that the LLP can pay its debts. |
Limited Liability Partnership (LP) | Minimum 2 partners: 1 general partner and 1 limited partner. There are no restrictions on the number of partners. | Not a legal entity. The general partner has unlimited personal liability and may be appointed to the position of manager of the LP. The limited partner is not responsible for any debts and obligations. If a limited partner takes part in the management of an LP, he will have unlimited liability as if he were a general partner. | An individual's income from a partnership will be taxed at the personal income tax rate. The company's profits from the partnership will be taxed at the corporate tax rate. | Investors can enter into an LP as limited partners. There is no need for an audit or annual return, but you must keep accounting and other records to explain your transactions and financial position for at least 5 years. If the LP has no limited partners, the LP's registration will be suspended. |
Company | Registered under the Companies Act, Chapter 50. Most companies in Singapore are private - "Private Limited (Pte Ltd)" - up to 50 owners. Your company goes public - with no limit on the number of owners, when it can offer stocks, bonds and other public interests. The owners of a company are called shareholders. There must be at least one share owned by one shareholder. The cost of a share can be from S$1. | This is a legal entity. | Profits are taxed at the corporate tax rate. | More formalities and longer registration procedure. There must be at least 1 director and 1 shareholder. It may be the same person. |
Stage two. Registering your business
Registering your business is one of the most important steps in starting your own business. Documents are submitted to ACRA. The process of registering a company in Singapore after the name is approved takes up to 1 hour. However, there are times when other government agencies must approve the opening of a given enterprise. Then the process can take up to 14 or more days. Contributions provided. If a local resident registers a company, the fee is from SGD 50 to 600, if a foreigner - from SGD 300 to 1200, and SGD 15 is charged for name approval.
Before registering, a Singapore Citizen/Permanent Resident must apply for a SignPass, and a foreign holder must apply first for an EntrePass and then for a SignPass.
The registration itself is done through the online service ACRA BizFile or OBLS (licensing service). You can also use the services of professionals who will open a company in Singapore on your behalf.
Some businesses do not need to be registered with ACRA. Individuals who do not have to register their business:
- taxi drivers,
- singapore masters,
- licensed merchants,
- farmers,
- private owners of fish and shrimp ponds,
- cycle rickshaw,
- Chinese boatmen.
Persons qualified as a lawyer, doctor and accountant
, do not need to register with ACRA, as their activities are managed by the relevant professional bodies, but when these persons create a law or accounting firm, registration is required.Organizations such as statutory councils, societies, mutual benefit cooperatives, and charitable institutions, do not need to be registered with ACRA.
Opening a company in Singapore also implies registration in the jurisdiction of the office. If the established company is a representative office of another enterprise, open to explore business opportunities in the jurisdiction or region, it should be registered with the country's Monetary Authority.
Stage three. Financing your business in Singapore.
There are several options for financing a firm in Singapore.
- personal savings. Most often, startups are funded in this way, as this is the easiest way, providing the most control over the business. However, you need to make sure that these funds are enough to conduct activities until the moment of earning a profit.
- Loans from friends and family. This is an opportunity to receive funds on more flexible terms than when obtaining a loan from a bank.
- Venture Capital. You can sell a stake in a business to an investor.
- Bank loan. Getting a bank loan for a new enterprise is difficult, but possible. To do this, you need to carefully plan and prepare everything, draw up a good business plan. All this will greatly increase the chance of obtaining credit funds.
- State aid. You can use one of the public assistance schemes for a loan, grant, incentive, or equity funding.
Stage four. Search for business premises in Singapore.
Choose a location for your business. It could be home Office or a downtown office, commercial, retail or factory space. For businesses such as food and beverage, manufacturing, private education, private healthcare, retail, transportation storage of goods you may need additional approval of the premises.
Room classification
Room type | Description |
Home Office | You can apply to open your business in your home and register the address as a home office. This will save on the opening of the company. The HDB (Both Housing & Development Board) allows apartments and private homes to be used as home offices. To register a home office, you must be the owner/tenant of the home or have the right to be in it. These are the requirements of running a small business. JTC Corporation (JTC) leases ready-made home offices at Chip Bee Gardens. |
Commercial premises from HDB or SLA | You can rent an office and shop in HDB, located in public or shopping centers. If you are planning to open a business in a field such as child care, nursing home, hostels, foreign schooling, you can rent space from the Singapore Land Authority (SLA), which specializes in leasing public buildings. |
Production facilities from HDB or JTC | HDB offers production premises for rent, including for warehouses, small production and workshops. JTC offers several types industrial premises leased from factories in the business park. JTC specializes in small manufacturing premises in Singapore. |
Startup space from JTC | JTC has Technopreneur Centers and Parks specifically designed for start-ups operating less than 3 years with a turnover of up to SGD 1 million. Offered here ready blocks with common services and facilities: conference rooms, IT infrastructure, secretariat, business center and more. |
Stage five. Application for licenses and permits in Singapore
In order to comply with all Singaporean laws and regulations, certain areas require licenses/permits to operate. For this, an application is submitted to the relevant agency. The term for consideration of the application ranges from several days to several weeks. There are also fees, but their amount depends on the license / permit itself. Before applying for this document, you must register your business with ACRA and obtain a SignPass. The application is made online on the OBLS website or directly at the relevant authority.
There are the following types of licenses/permits:
Compulsory licenses. Some activities require special licenses. For example, child care centers.
Professional licenses. This type of document should be obtained by those who intend to offer professional services. A professional license is issued to the owner of the company and/or its employees. Lawyers, doctors, accountants, architects must obtain such a license. Issued by relevant professional organizations.
Business activity license. Some activities involve obtaining permits or licenses. For example, for the sale of liquor, you need to obtain the appropriate permit. To export / import goods, you also need to obtain permission.
To find out which license/permit you need to obtain, you can refer to the Online Business Licensing Service (OBLS).
Stage six. Compliance with all laws and regulations.
Opening a company in Singapore and conducting business is not possible without complying with the laws of the country. Depending on the chosen business structure, you must comply with the provisions of a particular law: the Companies Act, the Business Registration Act, and so on. There are differences in the renewal of business registration and filing of declarations, depending on the form of the company.
Doing economic activity must also be carried out within the framework of laws and accepted regulations of public authorities. Therefore, it is recommended to be clear about which government agency is responsible for your industry and monitor for changes or new regulations.
Tax liabilities are also spelled out in the relevant regulations. You must not only pay income tax, but also stamp duty, property tax and withholding tax, VAT. It should be noted that each tax has its own due date. There is also the concept of "tax deductions", which includes:
- Business expenses: rent of premises, salaries, remuneration of directors.
- Depreciation deductions for furniture and appliances, etc.
- Industrial construction aids.
- Donations.
- Unused losses.
The recruitment of people is also carried out in accordance with regulations: Employment Law. Employee deductions must be filed, safety and health laws must be followed, and regulations such as the Workplace Safety Act, the Workers' Compensation Act must be adhered to.
When selling over the Internet, certain rules must be observed. All e-commerce firms must comply with the Code developed by the MDA. You must obtain the TrustSG mark before trading online. Comply with the requirements regarding the distribution of promotional messages by e-mail or sms.
Stage seven. Hiring employees to work in Singapore
Business expansion goes hand in hand with hiring people. Employees are an important investment in the future of your business. Many entrepreneurs start with minimal staffing, as they can do most of the work themselves. At first, this will reduce costs. However extra hands never get in the way, so sooner or later you will think about attracting people on a short-term, project basis, part-time or full-time, temporary or permanent employees.
It is worth hiring permanent employees if your income is stable and there is potential to increase it, since the cost of wages will increase, therefore, the profit received should cover this item of expenses, in addition to office rent, equipment rent / purchase, and so on.
Stage eight. Paying taxes in Singapore.
The taxation system in Singapore is relatively simple compared to most developed countries. Income earned in the country is taxed. The size of the tax rate depends on the chosen form of the enterprise and tax deductions. You must decide on the end of the billing period that determines your tax year. You also need to keep your accounts in order and keep copies of all relevant records for 5 years or more.
Key tax dates in Singapore.
Name of the tax | |
Personal income tax (applies to individual entrepreneurs and partnerships). Form B | |
Partnership Income Tax Return (Form P) | |
Company Tax Return (Form C or Form CS) | |
Calculation of a company's taxable income (ECI) | 3 months after the end of the reporting period |
As we have already said, the amount of income tax depends on the form of the enterprise. For small and medium-sized businesses, tax incentives are provided: for the first three years of the company's existence, the first 100,000 Singapore dollars of annual profit are taxed at 0%, for the next 200,000 - approximately 50% of the corporate tax rate. When paid to non-residents, income tax is also paid. We should not forget about VAT on goods and services.
You can use the terms of Double Tax Treaties signed with other countries of the world by Singapore. In this case, the tax already paid abroad is deducted.
Stage nine. Asset protection.
Almost every business is faced with the need to protect intellectual property: the protection of business ideas, creations, designs and processes, etc.
Intellectual property protection is a way to get additional profit, protect and prosper your brand, develop partnerships and be competitive.
Before registering a new intellectual property object, you must make sure that your idea or creation is unique. To do this, check the database of the Intellectual Property Office for a similar protected creation/idea.
Types of intellectual property rights:
- Patent for an invention.
- Business signs.
- Industrial design designs applied to articles.
- Grants for the protection of plant varieties.
Other intellectual creations can be protected without registration. These include:
- copyrighted works,
- geographical indications,
- topology of integrated circuits,
- confidential information and trade secrets.
If you want to register a company in Singapore, please contact us by e-mail [email protected] .
Singapore is a qualitative answer to the unpredictability of the future in the use of offshore companies in international business and almost the best place to do business in South-East Asia. Subscribe to our newsletter and you won't miss a single article on doing business in this promising jurisdiction.
I am a shareholder in the Consumer Society (consumer cooperative) in Moscow, created to provide members of the consumer society, first of all, with high-quality food products.
Can I (or my software) register a subsidiary Consumer Society (consumer cooperative) in Signapur?
Hello!
The Singapore Co-operative Societies Act provides that members
cooperatives can be individuals- residents of Singapore (“primary
cooperative societies”), as well as other cooperative societies,
registered in Singapore (“secondary cooperative societies”).
Primary cooperative societies are required by law to have a minimum of 10
participants, secondary - at least 2 participants.
Thus, you can become a co-founder of the primary cooperative
society in Singapore provided permanent residence in Singapore
(for example, as a director of a Singaporean company on the basis of a working
visas - Employment Pass).
Russian consumer society to act as a co-founder of the secondary
Singapore Cooperative Society cannot.
Sincerely,
Two questions for clarification:
– Can we register a commercial company (partnership) in Singapore, and in 2-3 months add local participants and change
the status (or re-register) of the company as a cooperative?
- Can we register an ordinary company (partnership) and write in the charter that we divide the shares in this company into separate shares, and we can sell these shares to new partners, and we can manage the company in the image and likeness of managing cooperatives?
1. Since business companies and cooperatives in Singapore are established under different laws and records are kept by different registers, it is not possible to convert business companies into cooperatives and vice versa.
2. The operational management of a Singapore company is carried out by its directors, in a limited liability partnership - by managers. As far as I understand, in a cooperative, operational management is carried out by shareholders, and the weight of the vote of each shareholder is proportional to the size of the share (share). It is possible to implement the principles of cooperative management in a commercial company or partnership only approximately.
Sincerely,
Discussed with partners in the consumer cooperative in Moscow.
We seem to have found a compromise solution:
1. We register a commercial company in Singapore. The company starts work, attracts customers.
2. Then the commercial company creates a cooperative (without registration, only for clients of the commercial company), as an internal division of the commercial company (as a mutual benefit fund, as a consumer society, as a special social department of the company).
Does the legal corporate system in Singapore allow this?
A commercial company can offer its customers this form of interaction.
However, since the clients belong to the external environment of the company, it turns out that the cooperative (INTERNAL division) is created at the expense of EXTERNAL sources.
At the same time, the degree of control of a cooperative member over the use of funds is significantly lower than when the funds are in the personal management of a client of a commercial company.
In this situation, the economic motivation for joining a cooperative is extremely low.
Therefore, the likelihood that the idea will be implemented in practice is extremely small.
With regard to the compliance of the activity with the laws of Singapore, the opinion of a practicing lawyer should be obtained.
We are ready to assist in obtaining such an opinion, or, if an opinion cannot be obtained, to seek clarification from the relevant government agencies Singapore.
For Russian entrepreneurs, if not a dream of a lifetime, then a seductive desire - for sure. There are so many opportunities and advantages that the eyes of a future businessman simply run wide! Basically, favorable conditions for doing business are provided to small business owners - it is easier to register and organize it.
Business in Singapore - registration stages
You may not believe it, especially if you have been studying the topic of starting a business in Europe or the United States of America for a long time, but in Singapore you can register your business in just a day. If there are any delays, the process will drag on for several days. Let's tell you what you need to become a full-fledged Singaporean businessman as soon as possible:
- you need to approve a unique name for your company. This can be done in a special government agency- ACRA (Accounting and corporate regulatory authority);
- then prepare and sign founding documents;
- then follows the actual registration of the company;
- and, of course, you will need to open a bank account.
As you can see, the scheme is extremely simple and, if you approach the matter wisely, the business will give you only pleasure.
By the way, why Singapore?
The fact is that now this country is extremely attractive to Russians for several reasons:
- The size of the authorized capital is 1 dollar.
- Ultimately simple procedure setting up a business in Singapore.
- Agreement with Russian Federation, according to which the businessman will not be subject to double taxes.
- Tax exemption for the first three years (from $100,000).
- Singapore is one of the largest financial centers in the world, there is a huge number of firms and international offices, prospects and opportunities.
In Singapore, it is customary to contact the so-called corporate providers when registering a company - this is reliable and fast.
How to get to Singapore as a businessman
If you intend to run a business on your own, that is, to be physically present in Singapore, you will need to obtain work visa- for this, ideally, you should have a completed higher education and a document confirming business experience. After a year, you can apply for a residence permit in the country. In the future, you can even count on the citizenship of this country - after two years after obtaining the status of a permanent resident.
If you do not plan to move to this country, you can appoint a director of a firm - a resident of Singapore.
The uniqueness of the Singapore business is that the country's authorities provide a business space for those who want not only to earn income, but also to develop - for example, businessmen who produce some kind of qualitatively new products or services are motivated, use Hi-tech in your enterprise - then the government will exempt you from income tax for a whole five years, after which you will still be in an enviable position - the income tax rate will be two times lower than for enterprises that do not offer anything new.
In order to decide on the form of business, it is best to contact specialized agencies, which are very numerous in Singapore - many applicants - many agencies. You will be advised on the situation - what type of liability (limited or unlimited) to choose, whether it is better to establish an open or closed company.
Business in Singapore - which area to choose
In Singapore, you can safely open restaurants and hotels, beauty salons and shops, to engage in cargo transportation and construction work- all this is in great demand and the majority of the population is somehow involved in business. The country is the largest port in the world (2nd place), a major tourist center with a record number of tourists, almost twice the number of the local population.
You can also go into manufacturing, so you can avoid income tax in the first five years, but also learn a lot - by teaming up with other small businesses, you can get good government support for innovative technologies. This largely explains the highest level high-tech production in many areas - medicine, for example.
It is impossible not to say about the standards of Singapore. Since you are planning to enter an already fully formed market, you will have to adhere to these very standards. Their observance is observed by special authorities, in case of non-compliance with the rules, a rather large fine can be imposed on your business. Teamwork is central to the country, if your small business is the weak link, it will need to be brought into line with the rest so that the big picture is not spoiled. But do not think that you will get to a place where you will need to follow the line and do what you don’t want at all, the standards are quite acceptable and they allow you to greatly increase your income. In case of problems, an entrepreneur can always contact the Spring agency, which provides comprehensive support for businessmen.
As a newcomer to the Singapore market, you get credit benefits if you need a loan. The authorities even help organize the process of training your new staff - sometimes up to 90% of the cost of retraining or training is covered by the state. Competent specialists - residents of Singapore - are the key to a healthy economy, it is considered in the country.
Moreover, there is public organization to support small and medium-sized businesses, and not only exists, but also actively performs its functions - arranges various trainings, meetings, events.
Thus, Singapore is indeed one of the most desirable destinations for investment and businessmen from all over the world - the opportunity to develop yourself and develop your business - not in every country these two directions coincide so much.
